Indian market closed in a flat note, Nifty holds 10300 levels

 

Indian market starts with a strong note today following the positive global cues. The markets were trading range-bound in the morning and later in the second half erased all morning gains. Bank Nifty was trading volatile in a tight range today.

The markets were trading higher in the morning after the announcement of the Unlock 2 phase of the reopening of the economy. Traders were also positive with the report that the Reserve Bank of India will be conducting a buy and sell open market operations (OMO) in bonds worth Rs 10,000 crore.

Market sentiments got further boosted after the Union Minister Mahendra Nath Pandey said that the government has approved the third phase of skill development scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY). This is with an increased focus on digital technology and industry 4.0

At 4 pm, Prime Minister Narendra Modi while addressing the nation has extended free ration to 80 crores plus citizen till November 2020. 

 

The Global Market

 

On the global front, the Asian markets were closed in the green today. The overnight strong gains in Wall Street and improved PMI manufacturing data for the month of June in China today have created positive sentiments in the global markets.

Yesterday, Wall Street was trading higher because of the strong housing data and hopes of more stimulus measures from their government have offset the worries of the second wave of coronavirus pandemic. The Dow and Nasdaq features are trading flat today. The European markets are also trading flat at 4 pm IST.

 

The Indian market- Sensex, Nifty & Bank Nifty on the spot levels

 

The Indian market closed flat to negative today whereas Bank Nifty closed in the green. At close, Nifty was down by 10.30 points or 0.09% and at 10302.10 while Sensex was declined by 45.72 points or 0.13%and at 34915.80. The Bank Nifty index gained 11.15 points or 0.6% and closed at 21370.15.

Nifty midcap and smallcap 100 indices also closed marginally lower today. The midcap index was down by 31.20 points or 0.21% and at 14704 levels. The Nifty smallcap index was declined by 28.20 points or 0.61% and at 4614.95 levels.

The top Nifty50 index gainers for the day are Shree Cements, Maruti Suzuki, Nestle, ICICI Bank, and Britannia. The losers in the Nifty50 index for the day are BPCL, IOC, Power Grid Corp, Sun Pharma, and UPL.

On a sectoral basis, Insurance, Infrastructure, FMCG, Automobiles, and Construction Materials were the gainers. On the other hand, Healthcare, Oil & Gas, Banking & Finance, Telecom, and Power sectors are closed in the negative today.

 

Nifty and Bank Nifty share price in futures today:

 

The Nifty share in futures opened today at 10315, it was made a positive opening of 59.2 points today. It has touched an intraday high at 10343.90 and a day’s low at 10185.20

During the day Nifty share price in futures has given a movement of 158.70 points. In the end, it was closed flat up by only 2.7 points and at 10258.50 levels

The Bank Nifty share price in futures opened in 21443, it was made a gap up opening of 207.8 points today. It has touched an intraday high at 21553.20 and a day’s low at 21036

During the day the Bank Nifty share price in futures has given a movement of 517.20 points. In the end, it closed flat to positive, up by only 9.85  points and at 21245.05

 

Nifty & Bank Nifty Futures Technical Levels for 30th June (July Expiry)

 

Nifty Futures technical analysis for 1st July 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10370 whereas All Down Moves Initiates Short Covering (Buy) @ 10150

If Nifty 50 share price in futures Moves Above 10310 and sustain. Then you should Buy with 1st Target of 10338 during the day with a Stop Loss of 10218. FOR the Target of 10338- 10370- 10412

If Nifty 50 share price in futures Moves Below 10218 and sustain. Then you should Sell with 1st Target of 10182 during the day with a Stop Loss of 10310. FOR the Target of 10182- 10152- 10110

 

Bank Nifty futures technical analysis for 1st July  2020

Primary Trend of Bank nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21650, whereas All Down Moves Initiates Short  Covering (Buy) @ 20800

If Bank Nifty share price in futures  Moves Above 21380 and sustain. Then you should Buy with 1st Target of 21520 during the day with a Stop Loss of  21120. FOR the Target of 21520 – 21650- 21740

If Bank Nifty share price in futures Moves Below 21120 and sustained. Then you should Sell with 1st Target of 21018 during the day with a Stop Loss of 21380. FOR the Target of 21018 – 20880- 20775

 

Conclusions:

Indian market closed in a flat note today ahead of PM’s address the Nation. The market was uncertain about the PM’s speech, the morning was the range-bound market. Some profit booking was seen in the second half. Nifty managed to hold 10,300 levels in the end on the spot basis.

After two range-bound trading sessions tomorrow we may see some action in the market as PMI Manufacturing data and Auto sales numbers are going to announced. Traders can follow our Daily Stock Market Live report in the morning and Nifty and Bank Nifty share price target in futures for 1st July 2020.

You can also read, Nifty50 Stocks list | Index | Share price  

                            Stock/Share Market Live Updates for June 30th  

                             Weekly Market Update: Nifty & Bank Nifty share price                         

 

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Editor’s Desk

 

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